A cash advance in Nashville may be just the thing to get you through to the next payday. Unexpected expenses can wreak havoc on even the best financial plans. A broken car, for example, can shatter your peace of mind, even leaving you unable to work. A cash advance in Nashville can put you back on the road and help you avoid exorbitant bank overdraft fees. A cash advance can be a useful resource to prevent life’s unexpected obstacles from becoming insurmountable mountains.
A cash advance in Nashville is a small loan that is fast, easy to obtain, and is usually payable within two weeks. Also called payday loans, these small loans never exceed $500 in Tennessee, meaning that your loan may be more manageable than a credit card. The application and approval process takes only minutes for most applicants, and you get your cash by the following business day. All you need to be approved for your first cash advance in Nashville is identification, a source of income, and a bank account. A cash advance in Nashville does not rely on your credit history for approval. Before you get that first cash advance in Nashville, however, you should know about the rules and regulations that govern payday loans in Tennessee.
Tennessee is second in the nation in terms of available cash advance lenders. These lenders are obligated to abide by the laws that govern their industry, and, as a borrower, you can protect yourself by knowing what those laws are. A lender may not provide more than a total of $500 in loans to a borrower. Additionally, a lender may not provide more than three individual loans, even if those loans do not reach the $500 limit. When you get a cash advance in Nashville, the lender is obligated to provide the terms of your loan written clearly and concisely.
The fees that lenders charge must also be clear and concise. When you get a cash advance in Tennessee, your fee may be structured one of two ways. First, the lender may charge a $15 flat fee per check. A second fee structure the lender may choose is up to $17.65 per every $100 loaned. Lenders may charge the greater of these two fees, but may never charge more. The APR averages to about 459%. Since these loans are short-term, however, they are usually less than the fees charged by banks for overdrafts or even credit card companies for late fees.
Sometimes, potential borrowers are hesitant to take a cash advance in Nashville because they have heard that they may face criminal prosecution if they fail to pay back the loan. While a small handful of states do allow payday lenders to seek criminal charges in the event a borrower is unable to pay back his or her loan, Tennessee is not one of them. In Nashville, Tennessee, borrowers who are unable to pay their cash advance loans as agreed may face a returned check fee and, possibly court costs. Lenders may not charge borrowers attorney fees. As with any creditor, it’s always best to work out a payment plan.
As you set out on that road towards financial freedom, you may find that unexpected events threaten to throw your plans into disarray. Car repairs, school activities, or even medical expenses may creep up before you have that well-intentioned emergency fund in place. As you consider your options as you are faced with these obstacles, you may find that a cash advance in Nashville is the least costly way to get yourself on your feet again.